Regulatory Alerts2024-01-04
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Circular 01-GR/2024 on Application Modalities of Instruction 29/GR/2023 Partially Amending Instruction 01/GR/2018 Regarding Minimum Capital and Net Own Funds Calculation Rules for Credit Institutions
The Central Bank of Mauritania issued Circular 01-GR/2024 to establish application modalities for Instruction 29/GR/2023, which partially amends capital and net own funds calculation rules for credit institutions. The circular mandates a six-month moratorium and imposes a strict dividend distribution ban effective January 1, 2024 until minimum capital thresholds are met. Banks must comply with a phased compliance schedule targeting 1.5 to 3 billion MRU by December 2027 and prepare case-by-case individual program contracts with the regulator.
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